Porter Hedges Advises Franco-Nevada in its Strategic Relationship with Continental Resources for the Joint Acquisition of SCOOP & STACK Mineral Rights in Oklahoma
Porter Hedges represents Franco-Nevada Corporation (Franco-Nevada) (NYSE & TSX: FNV) in its strategic relationship with Continental Resources, Inc. (Continental Resources) (NYSE: CLR) to jointly acquire mineral rights in the SCOOP and STACK oil & gas plays of Oklahoma.
Franco-Nevada is contributing approximately $120 million for the acquisition of existing mineral rights owned by a Continental Resources subsidiary and has committed, subject to satisfaction of agreed upon development thresholds, to spend up to $125 million per year over the next four years to acquire additional mineral rights. The existing mineral rights and mineral rights to be acquired will be jointly held through a newly-formed company.
Based in Toronto, Canada, Franco-Nevada is the leading gold-focused royalty and streaming company with a current market capitalization of approximately $14 billion.
Based in Oklahoma City, Continental Resources is a top 10 independent oil producer in the U.S. Lower 48.